Proxima Fusion
Reviewed active Updated Jul 7, 2026This profile is AI-generated. If you spot an error, please help us fix it by sharing a URL to the correct information.
Investors
Founders
About
Proxima Fusion is a Munich-based fusion energy company developing a stellarator-based commercial fusion power plant, spun out of the Max Planck Institute for Plasma Physics in 2023 12. The company operates offices in Munich, Zurich, and Oxford with approximately 200 employees, and is building “Alpha,” a net-energy demonstrator near Munich in partnership with Bavaria, targeting the early 2030s, followed by “Stellaris,” its planned commercial plant 12. In June 2025, Proxima raised a €130M Series A co-led by Cherry Ventures and Balderton Capital to advance its stellarator design 3. On 2026-07-07, the company announced a €411M growth financing at a €2.4B post-money valuation, co-led by XTX Ventures and East X Ventures, with Google making its first European fusion investment and German energy utility RWE contributing €25M as a strategic investor 1245. Total funding since inception exceeds €650M, including €95M in public grants 1.
Disclaimer: This is a lean profile built from initial round coverage and may be expanded as more information becomes available.
Funding History
| Date | Round | Amount | Lead | Co-investors |
|---|---|---|---|---|
| 2026-07-07 | Growth | €411M | XTX Ventures, East X Ventures (co-leads) | Google, RWE, KfW Capital, SPRIND, Burda Principal Investments, Plural, UVC Partners, Balderton Capital, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital, EIC Fund 1245 |
| 2025-06-11 | Series A | €130M | Cherry Ventures, Balderton Capital (co-leads) | (see Balderton announcement) 3 |
What Investors Say
No independently sourced investor quotes captured at this time. Google and RWE are highlighted as strategic investors; Google’s participation marks its first European fusion investment 12.
What Founders Say
“Europe is racing with the United States and China to get to the first fusion power plant. Proxima’s financing demonstrates that Europe can not only invent breakthrough technologies, but also build globally competitive companies around them.” — Francesco Sciortino, CEO & Co-Founder, Proxima Fusion, July 7, 2026 4
Sources
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BusinessWire, “Proxima Fusion Raises €411 Million at a €2.4B Valuation to Build Europe’s Commercial Fusion Champion,” July 7, 2026. Accessed July 2026. https://www.businesswire.com/news/home/20260707899566/en/Proxima-Fusion-Raises-%E2%82%AC411-Million-at-a-%E2%82%AC2.4B-Valuation-to-Build-Europes-Commercial-Fusion-Champion↩↩↩↩↩↩
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Sifted, “Google backs Munich fusion company Proxima in €411M round,” July 7, 2026. Accessed July 2026. https://sifted.eu/articles/google-proxima-fusion-411m-raise↩↩↩↩↩
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Proxima Fusion press release, “Proxima Fusion raises €130M Series A to build world’s first stellarator-based fusion power plant in the 2030s,” June 11, 2025. Accessed July 2026. https://www.proximafusion.com/press-news/proxima-fusion-raises-eu130m-series-a-to-build-worlds-first-stellarator-based-fusion-power-plant↩↩
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TechFundingNews, “Proxima Fusion raises €411M with Google, RWE backing,” July 7, 2026. Accessed July 2026. https://techfundingnews.com/proxima-fusion-raises-411m-google-rwe/↩↩↩
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Bloomberg, “Google, RWE Back German Nuclear Startup Proxima Fusion at $2.4 Billion Valuation,” July 7, 2026. Accessed July 2026. https://www.bloomberg.com/news/articles/2026-07-07/google-rwe-back-german-nuclear-startup-proxima-fusion-at-2-4-billion-valuation↩↩